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Author Question: When total revenue reaches its peak (elasticity equals 1), marginal revenue reaches A) 1. B) ... (Read 115 times)

craiczarry

  • Hero Member
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  • Posts: 527
on: Jul 1, 2018
When total revenue reaches its peak (elasticity equals 1), marginal revenue reaches
 
  A) 1.
  B) zero.
  C) -1.
  D) Cannot be determined from the information provided

Question 2

The above figure shows the market for crude oil. If the oil exploration firms convince the government to set a minimum price of 4 per barrel, then
 
  A) 100 barrels of crude oil will be sold at 4.
  B) zero barrels of crude oil will be sold.
  C) zero barrels of crude oil will be demanded.
  D) None of the above.


jamesnevil303

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

A


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